A provisional funding offer was revealed on Boxing Day last year, following North Lincolnshire Council’s bid into the Government’s Future High Street Fund.
A radical redevelopment plan for the former market will further transform the heart of the town centre.
The project will see the 2.5 acre site completely redeveloped to include a high end business space, and 40-unit accommodation development as well as the second phase of the Urban Park in Church Square.
Communities Secretary Rt Hon Robert Jenrick MP, said: “This funding is part of wider support the Government is providing to communities and businesses, to protect jobs, support the most vulnerable and ensure no one is left behind as we recover from pandemic.
“This investment will make a huge difference to towns and cities across England and transform themselves in desired places to shop, visit, live and work.
“The Future High Streets Fund will support towns, communities and businesses as we get back to enjoying the best of what the high street has to offer.”
Coun Rob Waltham, leader, North Lincolnshire Council, said: “I welcome the government’s commitment to Scunthorpe, we have worked hard with our MP, Holly Mumby-Croft to secure this massive regeneration scheme for our town centre. The Government cash is also an endorsement of our plans. We intend to use this cash to diversify what is on offer in the town centre.
“We are starting to see our many resilient businesses bounce back as the national roadmap and easing of restrictions sees our towns and villages open up again. Before long we will start to see construction jobs created as the teams move in.
“The government has supported high streets through the pandemic and now they are supporting the recovery with cash that will make a real difference.”
Holly Mumby-Croft, MP for Scunthorpe, said: “This development – backed with government money – will further help shape the rejuvenation of Scunthorpe high street, driving the town’s renaissance and creating lots of new jobs.
“It will stimulate investment in Scunthorpe town centre and will hopefully drive the creation of hundreds of jobs.
“I have worked hard with the council for nearly a year now to secure this investment and I would like to record my thanks to everyone who has been involved with the project.
“This is confirmation of the government’s commitment to levelling up, and I am determined to see Scunthorpe benefit heavily from this. This is the just the start, and a great number of projects will be announced over the coming months.
“It has been a tough few months but there is a lot of potential for growth and jobs from these projects and the significant impact they will have in our town.”